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Bank Wipes Credit Card Points

21 January, 2016

Almost a million points have been wiped from a member’s ANZ Rewards account without warning. The points would have been enough for more than four return trips to the United States. The bank claims that the member breached the terms & conditions of their personal credit card by using it to pay for business-related expenses.

Our members are divided over whether ANZ was right to cancel the points. One member argues that thousands of people use their cards for business transactions on a daily basis, with no repercussions. They also point out that the bank still earns money regardless of the nature of the transaction. Another member opines that the bank should not have awarded the points in the first place if they intended to cancel them later. The points had been in the member’s account for two months before being revoked out of the blue.

This appears to be a case where the bank has randomly chosen to enforce a rule that is rarely applied. While our members are sympathetic, some concede that the bank’s actions were reasonable. As the bank’s rules were broken, it seems the bank did technically have the right to take action.

But the fact that a bank would revoke almost a million points without warning sets an alarming precedent. One member has already transferred points out of their ANZ Rewards account in case the bank decides to take similar action against other customers.

Do you believe the bank’s actions are justified or unfair? Join the discussion HERE.